§ 17-105 — Promises and waivers affecting the time limited for action to foreclose a mortgage

New York § 17-105

• Jurisdiction: New York
• Law GOB: General Obligations
• Title 1: Obligations Barred By Statutes of Limitation
• Art. 17: Revival or Extension; Waiver of Defense or Bar

Text

§ 17-105. Promises and waivers affecting the time limited for action\nto foreclose a mortgage. 1. A waiver of the expiration of the time\nlimited for commencement of an action to foreclose a mortgage of real\nproperty or a mortgage of a lease of real property, or a waiver of the\ntime that has expired, or a promise not to plead the expiration of the\ntime limited, or not to plead the time that has expired, or a promise to\npay the mortgage debt, if made after the accrual of a right of action to\nforeclose the mortgage and made, either with or without consideration,\nby the express terms of a writing signed by the party to be charged is\neffective, subject to any conditions expressed in the writing, to make\nthe time limited for commencement of the action run from the date of the\nwaiver or promise. If the waiver or promise specifies a shorter period\nof limitation than that otherwise applicable, the time limited shall be\nthe period specified.\n 2. a. A statement by a grantee of real property or assignee of a lease\nof real property, effective under section 5-705 of this chapter as an\nassumption of or agreement to pay an indebtedness or other sum secured\nby a mortgage of such property or lease has also, to the extent of the\namount specified therein, the same effect as provided in this section\nwith respect to a waiver or promise described in subdivision one, unless\nit contains language disclaiming an intention to affect the statute of\nlimitation.\n b. A recital, in an instrument in which real property is conveyed or a\nlease is assigned, that the conveyance or assignment is made subject to\na mortgage, or provision to that effect in a contract for purchase of\nreal property or purchase of a lease, or an agreement or instrument by\nwhich another encumbrance or interest is subordinated to the lien of a\nmortgage, does not have the effect provided in this section with respect\nto a waiver or promise described in subdivision one.\n 3. A waiver or promise made as provided in this section is effective\n a. against (1) the person who made it, to the extent of any interest\nheld by him at the date thereof and (2) any person subsequently\nacquiring from him any such interest, without giving value or with\nactual notice of the making of the waiver or promise, to the extent of\nthe interest so acquired; and\n b. in favor of (1) the mortgagee or his assignee, (2) any other person\nto whom or for whose benefit it is expressed to be made, and (3) any\nperson who, after the making of the waiver or promise, succeeds or is\nsubrogated to the interest of either of them in the mortgage or\notherwise acquires an interest in the enforcement of the mortgage.\n 4. An acknowledgment, waiver, promise or agreement, express or implied\nin fact or in law, shall not, in form or effect, postpone, cancel,\nreset, toll, revive or otherwise extend the time limited for\ncommencement of an action to foreclose a mortgage for any greater time\nor in any other manner than that provided in this section, unless it is\nmade as provided in this section.\n 5. This section does not change the requirements or the effect with\nrespect to the accrual of a cause of action, nor the time limited for\ncommencement of an action based upon either:\n a. a payment or part payment of the principal or interest secured by\nthe mortgage, or\n b. a stipulation made in an action or proceeding.\n 6. The term "real property" as used in this section is co-extensive in\nmeaning with lands, tenements and hereditaments.\n